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Enabler platform shuts to new business

Capita is to shut its Enabler platform to new business and instead will focus on its existing customer base.

The firm says the move, revealed last week by Moneymarketing.co.uk, is due to market conditions and will result in a significant scaling back of its current operations.

Capita managing director of wealth and distribution services Graham Coxell is leaving the firm in July and around 30 staff could be laid off.

A Capita spokeswoman says: “The platform supports the sale of financial products to the IFA community and, clearly, current market conditions have reduced and delayed the launch of new products.

“We have therefore decided to take a lower-risk approach to servicing existing distributors, providers and funds on a ‘business as usual’ basis.”

In November 2005, Capita acquired IFA software firm Quay for an undisclosed sum. Two months later it acquired the portal Webline and in November 2006 it bought Synaptic Systems.

Finance and Technology Research Centre director Ian McKenna says: “There are an awful lot of major life companies who I imagine are going to feel seriously let down.”

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